SunEdison Turnaround A Big Score For Small Activist Hedge Fund

Forbes – Altai Capital Management is making waves on Wall Street after its first-ever activist investment, SunEdison, has increased nearly tenfold since the firm made its presence known in a June 2012 filing and gained a seat on the company’s board a few months later.

Since then, Altai executives including managing principal Steven Tesoriere have worked with SunEdison on a dramatic change in strategy that’s taken the company from financial distress to a leading position in the fast-growing market to build, install and operate solar systems for commercial and residential buildings. Along the way, the trade has attracted the interest of the biggest names in the hedge fund industry, including David Einhorn of Greenlight Capital, Leon Cooperman of Omega Advisors, Daniel Loeb-run Third Point Management, Larry Robbins-run Glenview Management, Fir Tree Partners, Steadfast Capital Management and Adage Capital Partners.

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